Dubai Customs Consultative Council Meeting
Sultan Ahmed bin Sulayem: Economic growth momentum accelerates driven by CEPAs
In a recent Dubai Customs Consultative Council (DCCC) meeting, H.E. Sultan Ahmed bin Sulayem, DP World Group Chairman and CEO & Chairman of Ports, Customs, and Free Zone Corporation, said that the business climate is improving tremendously, marked by a strong economic recovery. “The growth momentum is driven by the Comprehensive Economic Partnership Agreements (CEPAs) that the UAE has signed with several countries worldwide. Most of these agreements have already come into force and more others are in the pipeline as part of the strategic plans announced under the Projects of the 50, leading the way for future sustainable growth and development in the UAE.”
Bin Sulayem also noted a pronounced increase in cargo movement into and through Dubai over the past period, particularly from and to nations with whom CEPAs have been activated. This underscores Dubai's pivotal role as a trading hub connecting the East and the West and a major player in global trade. “These CEPAs have created a favorable opportunity to boost business, increase trade, and stir long-term economic growth,” he said.
The meeting was attended by H.E Ahmed Mahboub Musabih, Director General of Dubai Customs and CEO of Ports, Customs and Free Zone Corporation, along with members of the DCCC representing various business and trade sectors, as well as executives and heads of departments from Dubai Customs.
“Dubai Customs is actively engaged towards supporting local business growth and expanding Dubai's foreign trade in alignment with the emirate’s economic agenda,” said Musabih. “To this effect, we are committed to providing world-class customs services and systems, underpinned by advanced technologies and process automation, which helps us enhance the ease of doing business and foster economic growth for traders and investors in Dubai.”
The subsequent presentations on the meeting’s agenda covered a number of current topics. Abdulaziz Mohammed Faraj Al Mulla, Executive Director and Head of Tax Affairs Office at the Dubai Government's Finance Department, gave a presentation on UAE corporate tax and implications for businesses. He stressing the government’s commitment to keeping the tax at the lowest rates worldwide to ensure the ease of doing business, sustainable economic growth, and enhancing Dubai's business environment and appeal to investors, in line with the wise leadership's vision to make Dubai the preferred destination for investment activities and the convenient place for global business operations.
Dr. Sahitya K. Chaturvedi of the Indian Business and Professional Council (IBPC) in Dubai, delivered a presentation on Omni-channel Challenges and Retail Advocacy. He pointed out that “Over the past few years, Dubai has significantly contributed to the growth of the retail industry in the GCC and has emerged as a leader in the regional industry thanks to a series of strategic initiatives and government support for business.” He attributed the retail industry’s strong performance to a multitude of factors, on top of which is the influx of tourists and the growing travel sector, creating a vibrant atmosphere and further bolstering the growth of the retail sector. The industry has witnessed a significant increase in employment opportunities, with over 250,000 jobs created in the retail business.
“The environment is conducive on various levels. Despite facing macroeconomic challenges and a global economic slowdown, the GCC’s retail sector has defied the odds, witnessing remarkable growth of about 22%. Projections indicate that this sector will achieve a staggering value of USD 308 billion in 2023, with both the UAE and Saudi Arabia spearheading sales over the next five years,” noted Dr. Chaturvedi. “Overall, it can be said that Dubai’s retail industry has become a symbol of prosperity and innovation, playing a pivotal role in shaping the overall national retail landscape in the UAE. With the market set to grow steadily in the coming years, Dubai’s strategic initiatives and government support have positioned it as a key driver of this remarkable expansion. As the GCC’s retail sector continues to flourish, Dubai’s status as a global retail hub is expected to solidify further, attracting tourists and investors from all corners of the world.”
Viju Joseph, Solution Maintenance Lead, Information Technology Department, walked the meeting through the recently launched Customs inspection booking integration with DP World's e-Token service. The system now automatically creates Customs inspection bookings for declarations that are “Cleared with Inspection” and the process is applicable only for FCL Import consignments at Jebel Ali port.